Central Bank

Samoa’s Central Bank reports social media app for using its logo

The CBS says "please be advised that CBS does not endorse or relate to this game app in any way and does not take responsibility for anything that occurs with its usage. These activities are not in our mandate."

The CBS also says the use of its logo and images are illegal and fraudulent and it believes this constitutes a forgery of electronic data as per Samoa Crimes Act.

It said the use of the CBS logo in this instance is plainly to deceive potential users.

     

Central Bank of Samoa announces new Covid-19 restrictions

The public is advised that facial masks must be worn before entering the CBS building and must be worn at all times while within the premises.

CBS said, “Must hold a valid Covid-19 vaccination card and valid identification is required before permitted inside the Building.”

“Use our hand sanitizer available on the Foyer Desk when entering the building.”

“Strict social distancing will be enforced in the CBS Building and premises at all times.”

“Children (12 years and under) are not permitted in the CBS Building at any time.”

Samoa economy forecast to bounce back

The bank said the economy, which has steadily declined over the past two years, is forecast to rise by 1.7 percent this current financial year up from minus 8.1 percent in 2020/21.

The Samoa Observer reports the forecasts are contained in the Central Bank of Samoa's Monetary Policy Statement for the financial year 2021/2022.

The statement said the expected rebound reflects the positive outlook for remittances, coupled with predicted pickup in domestic demand for goods and services as the domestic economy normalises without visitor arrivals.

Samoans cautioned to be alert about pyramid schemes

According to the Central Bank, it has received reports and allegations of a number of pyramid schemes going around that involve gifting, regifting of money and includes recruitment.

The Financial Intelligence Unit of the CBS is looking into these schemes.

The matter will then be referred to Samoa Police Service and other appropriate Ministries for investigation and charges to be filed against those who run the schemes.

There are severe penalties including imprisonment of not more than seven years for anyone convicted of offences related to pyramid schemes.

Samoa releases new $10 polymer note for XVI Pacific Games

The note is possibly the first in which environmental impact was a consideration in its production. 
Governor Ainuu-Enari said in a press release, the new 10-tala bank note design “celebrates the youth of Samoa and our sporting legacy. Their stories of daily life and the realization of their sporting dreams are told through images placed on the note.” 
The note was designed and printed by De La Rue. It is Samoa’s first with a horizontal face and a vertical back. 

Samoa Central Bank governor issues scam warnings

Maiava Atalina Ainu'u-Enari has revealed examples of recent scams to the Samoa Observer, whereby individuals and a company were tricked into parting with large amounts of money.

In one case, a woman thought she had found true love on the internet and carried out a lengthy courtship on Facebook, email and later on the telephone.

She parted with US$13,000 to pay for her liaison to come to Samoa, but she never saw him or her money again.

In another scam, a bank received email instructions from a company to remit funds overseas as payment for construction supplies.

PNG facing two crises, claims Kimisopa

Opposition spokesman on Finance & National Planning, Bire Kimisopa, says tax revenue has tanked over the last four years at approximately K9 billion per year, and is expected to fall in 2016 and in 2017 respectively.

“Any dividend from the State-Owned Enterprises will be subject to the prevailing adverse economic conditions and may erode the strength of their combined balance sheet,” says Kimisopa, who is also the Goroka MP.

“The extraction of loans from SOEs, disguised in the form of dividends, will not exonerate the SOEs from fraudulent and deceitful conduct.